Canadian stocks fell for a second consecutive session on Wednesday as mixed corporate earnings, weaker crude oil prices, and future interest rate moves continued to weigh on investor sentiment. The S&P/TSX Composite Index slipped by another 69 points, or 0.3%, to settle at 25,563.
Although an intraday rally in silver and copper prices drove mining stocks higher, most other key sectors, including energy, consumer cyclicals, and real estate, witnessed heavy losses, pressuring the TSX index.
Top TSX Composite movers and active stocks
TerraVest Industries (TSX:TVK) dived by 10.4% to $120.90 per share, making it the worst-performing TSX stock for the day. These declines in TVK stock came after the Vegreville-headquartered company announced its December quarter financial results.
Last quarter, TerraVest’s total revenue rose 3% year over year to $234.6 million, supported by its acquisitions of Advance Engineered Products and Highland Tank. Contributions from these acquisitions, foreign exchange tailwinds, and lower financing costs also drove its quarterly net profit up by 58% to $30.4 million. However, investors remained worried about the organic sales decline in its core segments and uncertainty surrounding North American trade tariffs, triggering a selloff in TVK stock.
Baytex Energy, Vermilion Energy, and NFI Group were also among the day’s bottom performers on the Toronto Stock Exchange, with each falling by at least 4%.
On the flip side, BlackBerry (TSX:BB) stock jumped by over 10% to $8.35 per share after the Waterloo-based tech firm’s QNX division announced a multi-year partnership with Pi Square Technologies to train thousands of engineers across India as part of its QNX Everywhere initiative.
Barrick Gold, Intact Financial, and MAG Silver also surged by at least 4.8% each, positioning them among the session’s top-performing TSX stocks.
Based on their daily trade volume, Enbridge, Suncor Energy, Canadian Natural Resources, TD Bank, and Manulife Financial were the five most active stocks on the exchange.
TSX today
After tanking by over 2% in the previous session, West Texas Intermediate crude oil futures extended their losses in early morning trading on Thursday. In contrast, metals and natural gas prices were bullish. Given these mixed signals, the main TSX index is likely to remain largely flat at the open today.
While no major domestic economic releases are due, Canadian investors will keep a close eye on the latest U.S. wholesale inflation and weekly jobless claims data this morning, which could give further direction to TSX stocks.
As the fourth quarter earnings season continues in full swing, several TSX-listed companies, including Mullen, Brookfield, Definity Financial, Interfor, Agnico Eagle Mines, goeasy, CAE, Fairfax Financial, Trisura, Telus, Keyera, Canadian Tire, Canadian Apartment Properties REIT, and Primaris REIT, will announce their latest quarterly results on February 13, which will keep their shares in focus.
Market movers on the TSX today
